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VAT may be a transactional tax with advanced native country compliance needs. Correct ERP system configuration is crucial to make sure that enormous scale errors aren’t gift for the corporate in each the charging of VAT to customers, the assembly of VAT-relevant documentation and therefore the news of VAT relevant info.

To correctly confirm VAT in Middle East and thus the VAT liability of a dealing, VAT relevant transactional information is processed through VAT determination logic that assigns a tax software. This tax code not solely assigns the right VAT liability to a dealing however additionally helps to drive VAT invoicing needs and different areas of VAT compliance.

What ERP Configuration Risks can be possible for a Company?

Changes in business models and transactional flows

Lack of integration between tax and IT functions

Loss of configuration data over time, in the main because of workers changes

Changes in native VAT legislation

Inconsistencies in approach because of the creation of native workarounds and system “fixes”.